Buying home currently in foreclosure from mother

[zmurdock]

I currently live in New York State in a home that my mother owns. My mother has filed bankruptcy and the house is currently in foreclosure.The house is due to be auctioned on June 19.My husband and I have qualified for a loan to purchase the house however we are requirewd to come up with 5% down payment and 6% closing cost. Is there a way that we can purchase this property and because its being sold to a relative that the down payment and closing cost be absorbed into the loan? If not then is there a way where we are not required to come up with all of that money because my mother is the seller?

 

[HomeGuru]

Talk to the lender about just assuming the existing loan and paying the arrears in cash.